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According to CoinShares data, crypto investment products have reached a record annual net inflow of $29.2 billion this year. Demand for these products, which attracted $2.18 billion in net inflows globally last week, was boosted by “the euphoria of the Republican victory” in the US elections.
Global crypto funds run by asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares, took their total assets under management to over $100 billion since the beginning of the year with this $2.18 billion inflow in the last week, which is back on par with the $102 billion level reached in June.
James Butterfill, Head of Research at CoinShares, said these inflows were likely driven by expectations of a Republican victory, but there were slight outflows over the weekend. This shows how sensitive Bitcoin is to the US elections.
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These inflows, combined with price increases in recent weeks, have also pushed weekly trading volume up 67% to $19.2 billion, accounting for 35% of all Bitcoin transactions on trusted exchanges. Bitcoin is up more than 30% from $52,600 in early September to $68,818. However, it is down 7% from its peak of $73,500 on October 29, which is in line with the convergence of the election odds between Republican Donald Trump and Democrat Kamala Harris on the Polymarket platform.
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